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deal with the debt ceiling issue later, pay the bills first, and have this debate over whether or not it's a good idea, and how it's responsible to actually deal with the federal deficit? >> i think right now, in the united states of america, the people, forget about congress, forget about -- let's talk about the people, the personal financial issues here. they need to know that if they're getting unemployment or they're getting social security, unemployment, not so much, but social security, veterans benefit, small businesses, they need to know that their future is secure. that they're not all of a sudden going to get something and say, sorry, you don't get your paycheck, that they're living on. and when they start to get afraid, they stop spending money. when they stop spending money, the whole economy suffers. so why can't you just say to them, of course we're going to be raising the debt ceiling. we don't actually have a choice. take that fare out of their lives and then let's deal with the problem that they haven't been able to deal with for years now, but hopefully they'll be ab
deal with the debt ceiling issue later, pay the bills first, and have this debate over whether or not it's a good idea, and how it's responsible to actually deal with the federal deficit? >> i think right now, in the united states of america, the people, forget about congress, forget about -- let's talk about the people, the personal financial issues here. they need to know that if they're getting unemployment or they're getting social security, unemployment, not so much, but social...
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we're aware that the president will devote his opening statement to raising the nation's debt ceiling which we technically bumped into on new year's eve, they're using sort of bookkeeping mechanisms to deal with it. fiscal cliff showed on. he says congress has an obligation to pay all the bills it's already racked up, period. we'll be covering the president's news conference from both ends of pennsylvania avenue. i want to go to our chif business correspondent ali velshi. why this is so critical important? >> it's important and it's misrepresented so a lot of people all the way from politicians to people's financial advisors will tell you that it's a lot like your credit him or your line of credit. it's not like either of those things, it is a uniquely american phenomenon. most government in the world understand that once you decide to pay for something, once you decide to pass a bill that requires money, you're required to pay for it. in the united states what used to happen is that if there's a deficit, the treasury would have to issue a bond to pay for every sepgal piece of law. pa
we're aware that the president will devote his opening statement to raising the nation's debt ceiling which we technically bumped into on new year's eve, they're using sort of bookkeeping mechanisms to deal with it. fiscal cliff showed on. he says congress has an obligation to pay all the bills it's already racked up, period. we'll be covering the president's news conference from both ends of pennsylvania avenue. i want to go to our chif business correspondent ali velshi. why this is so...
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we've got a debt ceiling issue that the president's going to have to deal with. there are a lot of other issues the president's going to have to deal with, immigration reform. i think the president's going to have to spend time on this whether he wants to or not. >> connie mack, nice to see you. >> nice to see you. >> please tell your lovely wife we're sorry she lost all her luggage and was stuck at the airport. >> love you, honey. >> we'll get back to john berman with a look at some of the other stories ahead this morning. >>> we'll be talking about the golden globes. ben affleck didn't get nominated for an oscar, but his surprise win at the globes may be vindication. we'll have that, the other surprises, and the big snubs in a live report. >>> he's known for his role on "breaking bad," but actor steven michael casada has a new role to play, local school board member. you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can tra
we've got a debt ceiling issue that the president's going to have to deal with. there are a lot of other issues the president's going to have to deal with, immigration reform. i think the president's going to have to spend time on this whether he wants to or not. >> connie mack, nice to see you. >> nice to see you. >> please tell your lovely wife we're sorry she lost all her luggage and was stuck at the airport. >> love you, honey. >> we'll get back to john berman...
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>> what we're debating or not debating is the idea that the debt ceiling in the united states is a very unusual tool, only one other country has it. and it is because what used to happen is whenever the government needed to spend money, particularly when you're in a deficit, the treasury of the united states would have to go out and issue bonds in order to get cash to pay for it. and that was just a cumber some, awkward thing to do. what they did was create this debt cerealing which meant t ce could issue bonds for chunks of money not related to every single law that was passed. it was just because it was cumbersome. it is not a debt control or spending control measure. the president used an analogy today, used many, to say this is like eating at a restaurant, having your fill and not paying the bill. if you want to discuss -- >> dine and dash. >> yes, dine and dash. we have two problems. one is we have to understand the terms of this thing. this is about increasing the treasury's ability to pay for things that have already been committed to by the government. the danger is if you have
>> what we're debating or not debating is the idea that the debt ceiling in the united states is a very unusual tool, only one other country has it. and it is because what used to happen is whenever the government needed to spend money, particularly when you're in a deficit, the treasury of the united states would have to go out and issue bonds in order to get cash to pay for it. and that was just a cumber some, awkward thing to do. what they did was create this debt cerealing which meant...
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. >> the debt ceiling is not a deal of authorizing more spending. raising the debt ceiling does not authorize more spending, simply allows the country to pay for spending that congress has already committed to. gerri: what do you say to that? speaker he is gearing up for a partisan brawl. his press conference today was a little hypocritical because when he was a senator in 2006 and george bush wanted to raise the debt ceiling he said no and called george bush a failed president. gerri: one of the reporters got up and said only a few years ago you were saying that this kind of fight makes no sense, would have to have fiscal discipline. what do you say to this? speak of the president has been the beneficiary of large increases in mandatory spending because two-thirds of the spending is mandatory so he doesn't have to pass bills increase spending. the public is not aware of it, spending now 24% of gdp historically 20% of gdp. gerri: and deficits as far as the eye can see. clearly this is a situation that cannot continue forever. they have said let's ta
. >> the debt ceiling is not a deal of authorizing more spending. raising the debt ceiling does not authorize more spending, simply allows the country to pay for spending that congress has already committed to. gerri: what do you say to that? speaker he is gearing up for a partisan brawl. his press conference today was a little hypocritical because when he was a senator in 2006 and george bush wanted to raise the debt ceiling he said no and called george bush a failed president. gerri:...
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. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship with guns. tomorrow, vice president biden will recommend a robust gun control game plan to president obama including stronger background checks for all gun purchases, a ban on high capacity magazine clips, and a renewed ban on assault weapons. >> my starting poi
. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are...
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. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship with guns. tomorrow, vice president biden will recommend a robust gun control game plan to president obama including stronger background checks for all gun purchases, a ban on high capacity magazine clips, and a renewed ban on assault weapons. >> my starting poi
. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are...
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also congress has got to deal with the debt ceiling. we're hitting it yet again. sometime in mid-february, authorities believe. and this time it looks like republicans will be pushing for cuts and social will be on the table. finally, you mentioned vice president biden meeting today with cabinet members to finalize recommendations on guns including pushing for an assault weapons ban, but also what he said is a comprehensive approach to gun control. the nra and others don't believe in assault weapons ban can pass in congress. we'll get his recommendations tomorrow. >> thank you. >>> colin powell is speaking out on nbc's "meet the press" he endorsed chuck hagel to be the new defense secretary. he said hagel would do a great job at the pentagon. powell also fired harsh words at his own republican party. >> there's also a dark -- a dark vain of intolerance in some parts of the party. what do i mean by that? what i mean by that they still sort of look down on minorities. how can i evidence that? when i see a former governor say that the president is shucking and jiving
also congress has got to deal with the debt ceiling. we're hitting it yet again. sometime in mid-february, authorities believe. and this time it looks like republicans will be pushing for cuts and social will be on the table. finally, you mentioned vice president biden meeting today with cabinet members to finalize recommendations on guns including pushing for an assault weapons ban, but also what he said is a comprehensive approach to gun control. the nra and others don't believe in assault...
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ceiling, there's no deal. what kind of progress can we hope for here? our political panel debates that coming up in our next hour. now to another big debate playing out in washington over the obama administration's efforts to overhaul the nation's gun laws. we heard some of that this morning. here is the president addressing this issue during a white house news conference, we mentioned, moments ago. >> what you can count on is that the things that i've said in the past, the belief that we have to have stronger background checks, that we could do a much better job in terms of keeping these magazine clips with high capacity out of the hands of folks who shouldn't have them, an assault weapons ban that's meaningful that those are things i continue to believe make sense. >> megyn: new york senator chuck schumer is going a step further than the administration. now calling on wal-mart and other retailers to suspend sales of some types of weapons that are now perfectly legal until washington can come up with a new gu
ceiling, there's no deal. what kind of progress can we hope for here? our political panel debates that coming up in our next hour. now to another big debate playing out in washington over the obama administration's efforts to overhaul the nation's gun laws. we heard some of that this morning. here is the president addressing this issue during a white house news conference, we mentioned, moments ago. >> what you can count on is that the things that i've said in the past, the belief that we...
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so they are putting it right back on congress, you've got to deal with this debt ceiling issue and they think they can win that argument. obviously we're going to hear questions about guns. we flknow that the president's people say he is committed to the assault weapons ban, magazine ban on the magazines and also to background checks, whether or not those and other issues can get through, they don't think that there's much he can do by executive action. >> andrea mitchell, see you at 1:00. thanks for joining me. >> thanks, thomas. >>> want to take you back now to the white house. peter alexander is standing by now. now we're getting word the press conference has been pushed back to 11:40. just to give people behind the curtains look here. 11:15 and then 11:30 and now 11:40. i'm saying hi noon. >> high noon sounds good in is often the way this plays out. this morning it came as a surprise to most of the in the white house press corp. was was taking place tonight. he hadn't been given a head unthere would be a news conference with the today until just this morning. really there hasn't bee
so they are putting it right back on congress, you've got to deal with this debt ceiling issue and they think they can win that argument. obviously we're going to hear questions about guns. we flknow that the president's people say he is committed to the assault weapons ban, magazine ban on the magazines and also to background checks, whether or not those and other issues can get through, they don't think that there's much he can do by executive action. >> andrea mitchell, see you at...
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at the enof the day, there's a deal. >> yeah, this is like the debt ceiling is a phony argument. it's really about charter renewal. it's a renewal of a charter do continue spending, and what time and again the american people have been misled on the debt ceiling, what we are talking about you can't default. the government can't default on the debt or paying china and the like, what's bad is entitlement reform. you can. >> but he won't. >> that's not covered by the debt ceiling. >> the president loathes to cut spending of any kind. he wants more spending, in fact, and under no circumstances will he touch medicare, medicaid, social security. agree with that? >> surprised if he touchedded them if there's no real substantive cuts. the only way to cut the diset would be to hit those. i don't think he will. think about this. if simpson-bowles was enacted two years ago or now, if it had, ten years down the road, debt to gdp would be 65%. livable. in greece, it's 100 and change. the other european countries it approaches a hundred. if we do nothing including the new deal putting put toge
at the enof the day, there's a deal. >> yeah, this is like the debt ceiling is a phony argument. it's really about charter renewal. it's a renewal of a charter do continue spending, and what time and again the american people have been misled on the debt ceiling, what we are talking about you can't default. the government can't default on the debt or paying china and the like, what's bad is entitlement reform. you can. >> but he won't. >> that's not covered by the debt...
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but why didn't you deal with the debt ceiling now why didn't you just take us over the cliff and then surely the republicans would have folded. which has not necessarily been the case. which leads to the heighten the contradictions liberal. the radicals wanted nixon to will elected because that would heighten the contradiction. if we would have just gone over the cliff, it would have created this economic disaster, and then people would have seen how extreme and out of touch these republicans are. well, maybe. if only we would have minted the platinum coin then surely people would have rallied around the president. but it doesn't really work like that. these outcomes are going to be sub-optimal like mick jagger said. >> jennifer: i loved your columns on this anybody who has served and had to negotiate realizes that you can't always get what you want. at least half of loaf is still half a loaf, but if you don't get any of the loaf you go hungry, but i do understand the argument on the left that it's important for those voices to be loud to push public opinion about what is acceptable p
but why didn't you deal with the debt ceiling now why didn't you just take us over the cliff and then surely the republicans would have folded. which has not necessarily been the case. which leads to the heighten the contradictions liberal. the radicals wanted nixon to will elected because that would heighten the contradiction. if we would have just gone over the cliff, it would have created this economic disaster, and then people would have seen how extreme and out of touch these republicans...
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that were continge ebt upon or in the context of raising the debt ceiling. you yourself four times have done that. three times those were related to deficit reduction or budget maneuvers. there's a new adamant desire on your part not to negotiate when that seems to conflict with the entire history in the modern era of american presidents in the debt ceiling ask your own history on the debt ceiling, and doesn't that suggest that we are going to go into a default situation because no one is talking to each other about how to resolve this. >> well, no, major. i think if you look at the history he went through this just last year, but what's different is we never saw a situation as we saw last year in which certain groups in congress took such an absolutist position that we came within a few days of defaulting. we might default unless we get 100% of what we want. that hasn't happened. now, as i indicated before, i'm happy to have a conversation about how we reduce our deficits further in a sensible way. although one thing i want to point out is that the american
that were continge ebt upon or in the context of raising the debt ceiling. you yourself four times have done that. three times those were related to deficit reduction or budget maneuvers. there's a new adamant desire on your part not to negotiate when that seems to conflict with the entire history in the modern era of american presidents in the debt ceiling ask your own history on the debt ceiling, and doesn't that suggest that we are going to go into a default situation because no one is...
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they could default on the debt, unless the debt ceiling is raised. republicans want the president to cut spending before they i gree on a deal. but the president at no time seem eager for compromise. listen. >> we have to stop lurking from crisis to crisis to crisis. when there is a clear pass that requires discipline, responsibility and compromise. >> dana: yet, he showed little willingness to do so. >> i'm willing to compromise and find common ground over how to reduce the deficit, america cannot afford another debate with this congress about whether or not they should pay the bills they have racked up. what i will not do is to have that negotiation with gun at the head of the people. >> dana: interesting choice of words to describe that. eric, you talked about not wanting the country to lurch from crisis to crisis. most americans would agree and want washington to fix fundamental problems. why do we have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid
they could default on the debt, unless the debt ceiling is raised. republicans want the president to cut spending before they i gree on a deal. but the president at no time seem eager for compromise. listen. >> we have to stop lurking from crisis to crisis to crisis. when there is a clear pass that requires discipline, responsibility and compromise. >> dana: yet, he showed little willingness to do so. >> i'm willing to compromise and find common ground over how to reduce the...
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and i think he might, might have had significantly more leverage to deal with the debt ceiling issue then trying that. he didn't test it. just skeptical about how much he'll test it now in the face of a debt ceiling. i hope i'm wrong. i'm skeptical. >> the other big story this afternoon, vice president biden makes the formal recommendations to the president on gun control. what will it take to get meaningful action if that's possible? military man and gun control advocate joe sustek brings his perspective. [ male announcer ] house rule number 46. what's good for the pot... is even better for the cup. new single serve cafe collections from maxwell house. now available for use in the keurig k-cup brewer. always good to the last drop. is efficiently absorbed in small continuous amounts. citracal slow release continuously releases calcium plus d with efficient absorption in one daily dose. citracal slow release. with efficient absorption in one daily dose. i've got two tickets to paradise!l set? pack your bags, we'll leave tonight. uhh, it's next month, actually... eddie continues singin
and i think he might, might have had significantly more leverage to deal with the debt ceiling issue then trying that. he didn't test it. just skeptical about how much he'll test it now in the face of a debt ceiling. i hope i'm wrong. i'm skeptical. >> the other big story this afternoon, vice president biden makes the formal recommendations to the president on gun control. what will it take to get meaningful action if that's possible? military man and gun control advocate joe sustek...
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and he said the fiscal cliff deal represented progress but urged congress to raise the debt ceiling, saying it gives the government the ability to pay its existing bills. he said, we think we're getting some effect in lowering interest rates but saying it was still early yet. saying we have found it can be an effective tool but we'll continue to assess how effective and saying that could change over time. this comes in context of a debate on the federal reserve over the effectiveness of the additional quantitative easing and some concern about the negative impact. the felt, d, he said, has the ability to undo the policies before inflation becomes a problem. and then he was asked about the federal reserve enabling congress to spend a lot of money because it buys the government's debt, but he said it's not up to the fed to play games and tell congress what it should and should not be doing on its spending. and he added that the federal reserve has to follow its dual mandate. he was asked about question about his personal and he said, i try to get a lot of sleep and then, melissa, talki
and he said the fiscal cliff deal represented progress but urged congress to raise the debt ceiling, saying it gives the government the ability to pay its existing bills. he said, we think we're getting some effect in lowering interest rates but saying it was still early yet. saying we have found it can be an effective tool but we'll continue to assess how effective and saying that could change over time. this comes in context of a debate on the federal reserve over the effectiveness of the...
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the president has too deal with the debt ceiling. he wants to pass major immigration reform. >> absolutely. >> chris: do something about climate change. has he told you how much political capital he is willing to spend on what is going to be a very tough fight? >> i think that the president has demonstrated tremendous leadership on this issue. i think the country rallied around him and h his leadership because he really was a voice for the parents who lost a child. >> chris: has he told you how much -- >> and i see from his actions and we hear from the white house and we hear from the vice president that they are going to lay down political capital on the issue and i think the one thing i would say to those people like larry and others who said we can't do anything about these issues is that whether it comes from the background checks or dealing with high capacity magazines which was the issue in newtown we can take action and to say that we should do nothing really doesn't respond to those parents in newtown who lost children in thi
the president has too deal with the debt ceiling. he wants to pass major immigration reform. >> absolutely. >> chris: do something about climate change. has he told you how much political capital he is willing to spend on what is going to be a very tough fight? >> i think that the president has demonstrated tremendous leadership on this issue. i think the country rallied around him and h his leadership because he really was a voice for the parents who lost a child. >>...
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>>> right now on andrea mitchell reports, the president tells house republicans no deals on the debt ceiling. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. >> taking a stand on the one-month anniversary of the newtown massacre. the families speak out. >> this is a promise to turn the conversation into actions. things must change. this is the time. this is a promise we make to our precious children because each child, every human life, is filled with promise, and though we continue to be filled with unbearable pain, we choose love, belief, and hope instead of anger. >> calling them out. tough words from former secretary of state general colin powell for his fellow republicans on race. >> there's also a dark vein of intolerance many some parts of the party. >> the end of the longest war and the man president obama has nominated to wind it down coming up. retired general stanley mcchrystal on chuck hagel. the exit strategy from afghanistan and his own career. >>> plus, show stopper. president clinton he should the standing ovation with his sur
>>> right now on andrea mitchell reports, the president tells house republicans no deals on the debt ceiling. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. >> taking a stand on the one-month anniversary of the newtown massacre. the families speak out. >> this is a promise to turn the conversation into actions. things must change. this is the time. this is a promise we make to our precious children because each child, every...
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but i think at the end of the day, the deal made is a debt ceiling increase. but republicans will go through with those sequester cuts. >> yeah. if i could just come. jump in real quick. brian, bandy, jumping 06 of what jimmy had to say here, let's not forget, defaulting on the principle and interest obligation says separate conversation from defaulting on things to other people. say, sending out social security checks. in the context of quote unquote, defaulting on our debt, i'm with jimmy p. as well. missing an interest payment, a very low probability. >> that where some of the confusion seems to be, steve. exact lit public understanding. that why we are here at cnbc to what the risk really is. is someone not going to get their social security check? is the post office not going to be paid? what would happen first? >> brian, a lot of people don't understand because it is complicated. neither side of this depate want you to understand the reality here. on the one hand, the administration wants you to -- doesn't want you to know there are two options here. def
but i think at the end of the day, the deal made is a debt ceiling increase. but republicans will go through with those sequester cuts. >> yeah. if i could just come. jump in real quick. brian, bandy, jumping 06 of what jimmy had to say here, let's not forget, defaulting on the principle and interest obligation says separate conversation from defaulting on things to other people. say, sending out social security checks. in the context of quote unquote, defaulting on our debt, i'm with...
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president obama is warning that a political deadlock over the nation's debt ceiling could damage the u.s. economy and beyond. it's estimated without the deal the government could run out of money to pail its bills as early as mid-february. the president said the idea of refusing to raise the debt ceiling is irresponsible and absurd. >> republicans in congress have two choices here. they can act responsibly and pay america's bills are act irresponsibly and put america through another economic crisis. but they will not collect a ransom for not crashing the american economy. >> shep: they say they won't support raising the debt limit and there a battle line. the debt ceiling is the maximum amount of money that the united states can borrow. the law requires congress to control and authorize any money needed to pay for federal programs. debt ceiling was introduced way back in world war one. it was meant to give the treasury department more spending at that time. wendall goler, the president seemed that he was willing to call the republicans' bluff on this thing. >> he won't collect ransom
president obama is warning that a political deadlock over the nation's debt ceiling could damage the u.s. economy and beyond. it's estimated without the deal the government could run out of money to pail its bills as early as mid-february. the president said the idea of refusing to raise the debt ceiling is irresponsible and absurd. >> republicans in congress have two choices here. they can act responsibly and pay america's bills are act irresponsibly and put america through another...
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that were contingent upon or in the context of raising the debt ceiling. you yourself has done that. we are curious about this new adamant design on your part not to negotiate. doesn't that suggest that we will go into a default situation because no one is talking to each other about how to resolve this? >> no. i think if you look at the history, getting there is always difficult. budgets are always difficult. i went through this just last year. the fact of the matter is, we have never seen the debt ceiling used in this fashion where the notion was, you know what, we may default unless we get 100% of what we want. that has not happened. now, as i indicated before, i am happy to have a conversation about how we reduce our deficit further. the american people are also concerned about how we grow our economy, how we put people back to work how we finance our workers getting properly trained and our schools are giving the education they need. what you have never seen is the notion that has been presented so far, at least, by the republicans that deficit reduct
that were contingent upon or in the context of raising the debt ceiling. you yourself has done that. we are curious about this new adamant design on your part not to negotiate. doesn't that suggest that we will go into a default situation because no one is talking to each other about how to resolve this? >> no. i think if you look at the history, getting there is always difficult. budgets are always difficult. i went through this just last year. the fact of the matter is, we have never...
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. >> the debt ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer transferred its rights to sue for losses that it incurred on its troubled bonds when it sold $2 billion in securities to the fed in 20308. aig is preserving its right to sue the federal government and other debts. >> fed chairman ben bernanke is going to speak and answer questions at the university of michigan. in d.c., president obama is said to be forging ahead on a wide ranging plan to overhaul the immigration plan this year. this includes a path to citizenship for illegal immigrants already in the country. immigrants would have to pay fines and back taxes. it would require businesses to veri
. >> the debt ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether...
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reagan, president clinton, all signed a debt deal that were contingent on raising the debt ceiling. you yourself have done that. three times those were related to budget reduction maneuvers. what chuck and i and many are curious on is your adamant desire not to negotiate when that seems to conflict with the entire history in the modern american presidents with the debt ceiling and your own debt ceiling, and doesn't that suggest that we are going to go into a default situation because nobody is talking about how to resolve this. >> no, major, i think if you look at the history, getting votes for the debt ceiling is always difficult. and budgets in this town are always difficult. i went through this just last year. but what's different is we never saw a situation, as we saw last year, in which certain groups in congress took such an absolutist position, that we came within a few days of defaulting. and the fact of the matter is that we have never seen the debt ceiling used in this fashion, where the notion was, you know what, we might default unless we get 100% of what we want. that h
reagan, president clinton, all signed a debt deal that were contingent on raising the debt ceiling. you yourself have done that. three times those were related to budget reduction maneuvers. what chuck and i and many are curious on is your adamant desire not to negotiate when that seems to conflict with the entire history in the modern american presidents with the debt ceiling and your own debt ceiling, and doesn't that suggest that we are going to go into a default situation because nobody is...
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that were contingent upon or in the context of raising the debt ceiling. you yourself four times have done that. three times those were related to deficit reduction or budget maneuvers. what chuck and i and i think many people about are this new adamant desire on your part not to negotiate when they seems to conflict with the entire history in the modern era of american presidents on the debt ceiling and your own history and the debt ceiling and doesn't that suggest that we are going to go into a default situation because no one is talking to each other about how to resolve this? >> no, major. i think if you look at the history geing votes for the debt ceiling are always difficult and budgets in this town are always difficult. i went through this just last year. what's different is we never saw a situation as we saw last year in which certain groups in congress took such an absolutist position. that we came within a few days of defaulting. the fact of the matter is, that we have never seen the debt ceiling used in this fashion, where the notion was, you kn
that were contingent upon or in the context of raising the debt ceiling. you yourself four times have done that. three times those were related to deficit reduction or budget maneuvers. what chuck and i and i think many people about are this new adamant desire on your part not to negotiate when they seems to conflict with the entire history in the modern era of american presidents on the debt ceiling and your own history and the debt ceiling and doesn't that suggest that we are going to go into...
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making a little rougher. >> jerry, what about all these issues in washington, the debt ceiling fight on the horizon. is this going to impact the broad economy and the earnings season, do you think? >> i guess this whole political thing is -- these are all the bricks in the wall of worry that equity markets are continuing to climb. i think there's -- you know, we know how to talk about these things, they're out there, they're visible, they're in the media a lot. you know, we follow them i think sometimes like a sport. and so maybe we exaggerate a little bit how much the -- these political match nations -- i don't know i don't want to minimize them, but i think sometimes we miss the point there are really good companies out there who figured out how to make really good money with all this political noise going on. >> and yet, greg, so many potholes ahead. you know we're going to see a lot of back and forth over raising the debt ceiling. sequestration is still on the horizon now. less than two months away. the continuing resolution. i want you to take a listen to the president's spokesp
making a little rougher. >> jerry, what about all these issues in washington, the debt ceiling fight on the horizon. is this going to impact the broad economy and the earnings season, do you think? >> i guess this whole political thing is -- these are all the bricks in the wall of worry that equity markets are continuing to climb. i think there's -- you know, we know how to talk about these things, they're out there, they're visible, they're in the media a lot. you know, we follow...
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they have to deal with debate over gun control. confirmation hearings and the debt ceiling. "today in the bay's" tracie potts live in capitol hill where they are also getting ready for the president's inauguration coming up. good morning, tracie. >> all of that in the middle of planning a big party. 600,000, 800,000 people expected here. behind the scenes congress does have a number of things to deal with. will they pass an assault weapons ban? the nra doesn't think so. the white house is still expected to push for that. today vice president biden sits down with lawmakers and his task force and cabinet members to finalize recommendations for tomorrow. he wants to put them on the president's desk tomorrow. you mentioned the senate confirmation hearings. defense secretary nominee chuck hagel still has some lawmakers, democrats and republicans scratching their heads. lots of questions on iran and israel for him as those hearings come up and then finally the debt ceiling. we pushed it off. we hit it in december. didn't pay a few bills to push that off until february. now as the
they have to deal with debate over gun control. confirmation hearings and the debt ceiling. "today in the bay's" tracie potts live in capitol hill where they are also getting ready for the president's inauguration coming up. good morning, tracie. >> all of that in the middle of planning a big party. 600,000, 800,000 people expected here. behind the scenes congress does have a number of things to deal with. will they pass an assault weapons ban? the nra doesn't think so. the...
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the debt ceiling increase and republicans have pointed out time and time again, president obama when you push him, he'll concede to be able to get a deal. and that was a big lesson we learned in the fiscal cliff debate. president obama is willing to compromise because he wants to come times get a deal and republicans might use that to try to get whatever they can from him. >> real quick, almost out of time but we know at the end of the fiscal cliff negotiations all of the headlines were the republicans were ready to make this concession because they were loading, if you will, up for this battle over the debt ceiling that they saw it as their opportunity to exact revenge or whatever you like to describe it as on the president and the administration. they couldn't win that battle regarding taxes. with this one, they have leverage. >> they thought it was their leverage but still when you go in to this debate, tamron, they control only one part of the government. it's a house of representatives. democrats control the senate. they control the white house. so while house republicans do hav
the debt ceiling increase and republicans have pointed out time and time again, president obama when you push him, he'll concede to be able to get a deal. and that was a big lesson we learned in the fiscal cliff debate. president obama is willing to compromise because he wants to come times get a deal and republicans might use that to try to get whatever they can from him. >> real quick, almost out of time but we know at the end of the fiscal cliff negotiations all of the headlines were...
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. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a deadbeat nation. >> reporter: without a deal, the government could run out of money to pay its bills by late february or early march. but republican leaders are demanding significant spending cuts in exchange for any agreement to raise the debt ceiling. in a statement, senate minority leader mitch mcconnell says the debted limit is the time to get on reducing spending. gun control is also an issue. >> responsible gun owners, people who have a gun for protection, for hunting, for sportsmanship, uhm, they don't have anything to worry about. >> reporter: the national rifle association has already made clear, it has enough support in congress to block legislation that restricts gun ownership. >> i would say that the likelihood is that they are not going to be able to get an assault weapons ban through this congress. >> reporter: moderate lawmakers say there is a better chance of passing laws that limit the number of bull
. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and we are not a deadbeat nation. >> reporter: without a deal, the government could run out of money to pay its bills by late february or early march. but republican leaders are demanding significant spending cuts in exchange for any agreement to raise the debt ceiling. in a statement, senate minority leader mitch mcconnell says the debted limit is the time to get...
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so these massive spending cuts will coincide with another debt ceiling battle. is there anything in this debacle that we can all agree on? >> house speaker john boehner had kind of a rough week here. the at a party folks not happy with the deal that he struck >> the president was able to get the speaker to undo everything he had promised he would do >> where are you? mr. speaker, we need leadership. >> tonight i am ashamed, shame on you, mr. speaker. >> jon: republican or democrat, senator or congressman, team edward or team jacob, everyone agrees john boehner sucks. at least we can be assured that as the incoming congress votes for a new speaker of the house, it's clear what the outcome is going to be. >> john boehner won re-election as house speaker today. >> jon: oh, boy. (train whistle blowing) >> jon: welcome back to the show. listen. as you may recall, a couple months ago america was hit by two major disasters. one of them natural, hurricane sandy and one of them somewhat man made the republican majority in the house of representatives. the second of those
so these massive spending cuts will coincide with another debt ceiling battle. is there anything in this debacle that we can all agree on? >> house speaker john boehner had kind of a rough week here. the at a party folks not happy with the deal that he struck >> the president was able to get the speaker to undo everything he had promised he would do >> where are you? mr. speaker, we need leadership. >> tonight i am ashamed, shame on you, mr. speaker. >> jon:...
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all the debt ceiling is paying our bills. the cow is out of barn. let's allow us to let any business would do which is pay your bills. >> neil: why is wall street not worried about this. all your worries were trumpeted, why is the street not worried? >> i think we have learned to live in this environment. the reality is we have accepted what appears to be kick the can down the street politics. >> neil: what would you and your fellow ceos do and have a credible debt fix, you probably would have a heart attack, but what would you do? >> it would allow us to feel more secure where we're going. we need to know the rules of the game. that is what we're asking for. i think we as citizens and not business people first. the reality is we know the problems, debt and immigration and reality as a nation when we compete against nation states, how are we going to compete if we can't solve these problems? the issue is not the debt ceiling. the issue is the fundamental core problems of the country and the inability of our congressional leaders and our political cl
all the debt ceiling is paying our bills. the cow is out of barn. let's allow us to let any business would do which is pay your bills. >> neil: why is wall street not worried about this. all your worries were trumpeted, why is the street not worried? >> i think we have learned to live in this environment. the reality is we have accepted what appears to be kick the can down the street politics. >> neil: what would you and your fellow ceos do and have a credible debt fix, you...
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binding votes for the debt ceiling can sometimes be complicated. in previous aspects of american history, president reagan, president h. w. bush, president clinton all signed debt reduction deals. you have done this three times. four times was related to budget maneuvers. what many people are curious about is this new madam a desire on your part not to negotiate but that seems to conflict with the modern era of presidents with the debt ceiling and your own history. does that suggest we will go into a default situation because no one is talking about how to resolve this? >> no, major. getting votes for this is always difficult. i went through this and just last year. what is different as we never saw a situation as we saw last year in which certain groups in congress took such an absolutist position that we begin within a few days of defaulting. the fact of the matter is that we have never seen the debt ceiling used in this fashion with the notion is that we might default unless we get 100% of what we want. that has not happened. as i indicated befo
binding votes for the debt ceiling can sometimes be complicated. in previous aspects of american history, president reagan, president h. w. bush, president clinton all signed debt reduction deals. you have done this three times. four times was related to budget maneuvers. what many people are curious about is this new madam a desire on your part not to negotiate but that seems to conflict with the modern era of presidents with the debt ceiling and your own history. does that suggest we will go...
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you pay your debts first and then you deal with other spending. the president's tried to turn that upside down by saying he would cancel the debt. he can't do it. he won't do it. he's lying when he says that's what he will do. i think we have a conversation over the next two months reminding the american people that we will pay our debts but we won't pay obama's crazy overspending. >> the people are in charge. whether it's jack lew or tim geithner if you remember what happened at the end of 2011, it was an issue where you're going to be watching on tv that the soldiers that protect our freedom, are they going to get their check? soldiers that came back wounded from the first gulf war, are they going to get their check? that is going to be the issue on the front page, grover, is it not? >> and august of 2011 we had all the same screaming. i did all the television shows where people said taxpayers are causing the problems. i said the president is. we won, he lost. we got the spending cuts which he's trying to fight still but he got his debt ceiling
you pay your debts first and then you deal with other spending. the president's tried to turn that upside down by saying he would cancel the debt. he can't do it. he won't do it. he's lying when he says that's what he will do. i think we have a conversation over the next two months reminding the american people that we will pay our debts but we won't pay obama's crazy overspending. >> the people are in charge. whether it's jack lew or tim geithner if you remember what happened at the end...
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funding the government and raising the debt ceiling. >> oh, sure. yes, we can. i'm not too sure -- >> i understand, but do you think that's going to happen? >> no, i don't. i do believe that the house will postpone any consideration of anything resembling gun control until such time that the senate acts and i think the house is going to focus all of its attention on the debt ceiling and the sequestration. >> white house says they're not negotiating. yet senate democrats have win a letter basically begging the president to come up with a plan b. if the house republicans saying they're not going to raise the debt ceiling without they're going to use it as leverage and the president says no, then the president needs to come up with a plan b. do you think the president needs a plan b. >> well, plan b, to me, is the executive order and i know what the white house has said about that. you may recall -- >> when you say exec tiff order, do you mean the 14th amendment option? >> i've been here for two years now. they're saying ever since they had the last debate and i th
funding the government and raising the debt ceiling. >> oh, sure. yes, we can. i'm not too sure -- >> i understand, but do you think that's going to happen? >> no, i don't. i do believe that the house will postpone any consideration of anything resembling gun control until such time that the senate acts and i think the house is going to focus all of its attention on the debt ceiling and the sequestration. >> white house says they're not negotiating. yet senate democrats...
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you as a member of the senate voted against a debt ceiling increase and in previous aspects of american history president reagan in 1985, president george herbert walker bush, president clinton, in 1997 all signed deficit reduction deals were contingent mon or in con connection with raising the don't ceiling. you done that four times. three times related to defecit reduction and maneuvers. what chuck and i are curious about that desire not to negotiate, when that contrasts with the modern american presidents and your own history on the debt ceiling because that suggests we will go into a default situation because no one is talking to each other how to resolve this? >> no, major. i think if you look at the history, getting votes for the debt ceiling is always difficult and budgets in this town are always difficult. i went through this just last year, but what's different is we never saw a situation as we saw last year in which certain groups in congress took such an absolutist position, that we came within, a few days of defaulting. and you know, the fact of the matter is, that we have n
you as a member of the senate voted against a debt ceiling increase and in previous aspects of american history president reagan in 1985, president george herbert walker bush, president clinton, in 1997 all signed deficit reduction deals were contingent mon or in con connection with raising the don't ceiling. you done that four times. three times related to defecit reduction and maneuvers. what chuck and i are curious about that desire not to negotiate, when that contrasts with the modern...
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the debt ceiling increase is remind forea generation that the u.s. must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate. >>> with earnings season getting in full swing this week our next guest says results could provide a base for the market to move higher especially because expectations are so darn low. joining us, margie battle, wells fargo advantage funds senior portfolio manager. earnings are low but doesn't bode well for what we'll hear out of these companies, does it? >> well i think some companies have done some preannouncements where they're expecting their growth to slow down because we should have some pretty low gdp growth for the next several months because of all the uncer
the debt ceiling increase is remind forea generation that the u.s. must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate....